A well-known tycoon was yesterday convicted for cheating another businessman out of $1.89 million in Phnom Penh.
Phnom Penh Municipal Court judge Y Thavireak identified the accused as Bun Sitha, 59, who was arrested on December 7, 2016, and later charged with breach of trust.
“The court decided to sentence him to two years in prison and a fine of $500,” Mr Thavireak said.
“The court also ordered him to pay a total of $1,899,000 in damages and another $50,000 in compensation to the plaintiff in the case.”
Mr Sitha was sued by Lim Cheang Hour, 53, a business associate, over a land deal in June 2016 worth nearly $4 million in Phnom Penh’s Sen Sok district.
Mr Cheang Hour deposited $900,000 with the suspect to secure the property.
Mr Sitha said he would use the deposit to transfer the land title to the buyer, but failed to do so. Later on, the plaintiff deposited more money with Mr Sitha, who again failed to make good on his promise despite holding a $1.89 million deposit. Mr Sitha never produced the land documents because he had used them to secure a $300,000 loan from a bank.